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Hong Kong: Stocks rise amid caution before May's speech, Trump inauguration

[HONG KONG] Hong Kong shares bounced back on Tuesday from the previous day's spill, but gains were capped as investors awaited British Prime Minister Theresa May's speech on Brexit later in the day and Friday's inauguration of Donald Trump as US president.

The benchmark Hang Seng index, which on Monday suffered its biggest one-day loss in a month, added 0.5 per cent to 22,840.97 points. The Hong Kong China Enterprises Index edged up 0.4 per cent to 9,702.19 points.

Nearly all sectors gained ground, led by industrial stocks , which rose around 1.1 per cent.

But services stocks pulled back over 0.2 per cent, as shares of Landing International Development Ltd tumbled more than 30 per cent after the company proposed a capital reorganisation.

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Linus Yip, a Hong Kong-based strategist at First Shanghai Securities, said investors are taking a wait-and-see stance over concerns that the post-Trump election rally was overdone.

He noted that gains also were capped by a weak mainland market as well as limited southbound capital flows ahead of the Lunar New Year at the end of January.

REUTERS

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